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THE 'OBSERVER' SIR,—Mr. Randolph Churchill. in his article last week,

states that the Observer 'is losing a little money' and that the Sunday Telegraph 'is losing a great deal of money.

It is not for me to disagree with his views on the Sunday Telegraph's financial problems, but so far as the Observer is concerned. I am happy to say that his statement is quite untrue. Our recently concluded financial year produced a useful profit and current results are very satisfactory.